FMOC. The FOMC’s minutes seemingly suggest that its members do not think that low inflation (brought on in part by low oil prices) should prevent them from raising rates sometime in 2015. This is a little bit surprising for as well as weak inflation the US economy has softened a bit in recent months. This puts the FOMC in a bit of bind. In the short term, the economy is weakening and inflation is falling; this means no rate increase is required. Falling oil prices, however, means a boost to real incomes which in the medium term should help consumer spending and so sustain the economy on its 2% to 3% path. If the economy can maintain such a growth rate, the first steps to normalising interest rates cannot be too far away.